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    Number of Labor

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    Acme is the sole supplier of security systems in the product market and sole employer of locksmiths in the labor market. The demand curve for security systems is given by P = 100 - Q. The short run production function is given by Q = 4L and the supply curve for locksmiths is given by W = 40 + 2L. I am having trouble finding how many locksmiths Acme will hire and at what wage.

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    Solution Summary

    Number of Labor is ascertained.